Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from William Katz with Buckingham.
William Katz - Buckingham
Hi. Thank you very much. I apologize I did join a couple of minutes late coming off another conference call. Mark, you mentioned some cost reductions and I was scribbling down those as fast as I could. Can you walk me through the $50 million savings in terms of where they might be coming from? And then you gave a ratio of about 21%, I didn't catch that. I apologize.
Mark Fetting
Thanks, Bill. And we're sorry, we know it's a busy season for everybody, and certainly interesting times. What I've said on our cost reductions is first and foremost recognize the self-correcting piece that comes from the revenue share. You are familiar with that model and as a metric, $70 million this quarter being reported was declined based on that. So we took $70 million by the self-correcting thing.
In addition, what we've done, Bill, is we've identified $600 million of corporate expense which ranges from distribution to option technology to shared services ranging from finance, legal, et cetera. And in our kind of first thorough pass, we took a look at $236 million of cost and we reduced 49. We were able to take out 49 that will be on a run rate basis achieved through the fiscal year. So that's about 21%. So what I've done is charged the team, to keep that bogey at 20% across the remainder of the cost and I'm confident we should get there or close to it. So that's the goal.
William Katz with Buckingham
Okay. I understand that what you are saying is by take 600 million times 0.21, that's basically you think you can get in terms of annual cost savings?
Mark Fetting
Yeah. I think to be fair to the team, I've kind of rounded to 20%, but that's the target.
William Katz with Buckingham
Okay. The second question I have is on the SIVs. I was wondering if you could give an update on where you stand in terms of maybe a weighted average markdown relative to that 14% bogey you mentioned before.
Mark Fetting
I'll let CJ or Barry handle that.
Barry Bilson
Yes, Bill, if you looked at the exhibit 99.2 with the mid-September and you can see the marks at the end of the quarter at the end of the month were virtually identical. It's going to drive you through that non-bank sponsored space at a markdown of 37%, 38%, so obviously, $0.62, $0.63 of fair value assessment at that point in time.
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